Oilfield Services

Natural gas and oil industry bellwether Schlumberger Ltd. has boosted capital spending for 2022 after posting better-than-expected results in the third quarter. The world’s largest oilfield services company issued its quarterly report on Friday, posting the highest profits in seven years as North America and international drilling climbed from ayear ago. CEO Olivier Le Peuch…

Tulsa-based drilling technology expert Helmerich & Payne Inc. (H&P) is facing some inflationary pressures, but it still plans to reactivate up to 16 rigs by the end of March, CEO John Lindsay said. In a preview of fiscal 4Q2022 and full-year results, which are scheduled for Nov. 17, Lindsay offered a positive outlook for more…

Click here to listen to the latest episode of NGI’s Hub & Flow, in which NGI Senior Markets Editor Kevin Dobbs interviews Liberty Energy CEO Chris Wright. Wright is bullish on natural gas demand for years to come – and says fossil fuels will be needed for many decades, likely much longer.   Against that backdrop,…

The direct upstream job count in the Lone Star State surpassed the 200,000 mark in August for the first time since the pandemic-related freefall in employment in 2020, the Texas Independent Producers and Royalty Owners Association (TIPRO) reported last week. Based on the trade group’s analysis of U.S. Bureau of Labor Statistics (BLS) data, Texas…

North Dakota posted a 1.5% month/month increase in natural gas production and a record high volume of gas captured in July, despite a 2.5% decline in oil output.  Natural gas production averaged 3.1 Bcf/d, of which 3 Bcf/d or 94% was captured and sent to market while the remaining 6% was flared off, according to…

The world’s largest oilfield services company, Schlumberger Ltd., is merging its subsea oil and natural gas construction business with Aker Solutions ASA and bringing aboard rival Subsea 7 ASA to improve offshore efficiencies and reduce carbon emissions for offshore customers. The joint venture portfolio would be technology-driven, combining subsea gas compression, all-electric production systems and…

On the news of a strong second quarter, the management teams of Calgary’s Calfrac Well Services Ltd. and CWC Energy Services Corp. separately voiced optimism for the oilfield services (OFS) sector’s ongoing recovery from the Covid-19 field activity slump. Calfrac’s management predicted “strong utilization” of its Canadian and U.S. crews and equipment. CWC’s management told…

Tulsa-based drilling expert Helmerich & Payne (H&P) is getting more bang for its buck, as North American pricing improves for the super-spec FlexRig fleet. CEO John Lindsay and CFO Mark Smith led a recent conference call to discuss fiscal 3Q2022 results with analysts.  In the North American Solutions segment, efforts earlier this year to “achieve…

The global oil and gas industry has recouped some losses incurred during the pandemic lockdowns, but there is still a way to go to ensure the profitability of the sector overall, according to NOV Inc. CEO Clay Williams. Williams led a conference call to discuss the Houston-based oilfield services giant’s second quarter results. As he…